Video: Cost Tops Consumers' List of Excuses for Not Getting Life Insurance

LIFE Foundation Responds to the Three Most Common Excuses, Urges Americans to
Get a Life Insurance Check-Up During Life Insurance Awareness Month

ARLINGTON, Va., Sept. 2 /PRNewswire/ -- I'm busy. I can't afford it. I'll
get to it tomorrow. Americans make all kinds of excuses for putting off all
sorts of things that they know they should do. But when it comes to getting
needed financial protection, no excuse is ever good enough. The results of a
new survey released today by the nonprofit LIFE Foundation in support of Life
Insurance Awareness Month show that the vast majority (93%) of Americans think
it's important for most people to have life insurance, and yet nearly half of
those surveyed say they don't have enough coverage."

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To better understand why so many Americans do not have the life insurance
coverage they say they need, the LIFE Foundation commissioned a survey that
examined people's reasons for not making a purchase. These are the top three
reasons:
-- 58% haven't purchased a policy because they say it is too expensive
-- 23% say they just haven't gotten around to it
-- 22% say they don't know enough about it to buy

"No one wants to gamble with their family's financial future, but that's
essentially what people are doing when they don't buy life insurance coverage
that they know they need to protect their loved ones," said Marvin H. Feldman,
CLU, ChFC, RFC, president and CEO of the LIFE Foundation. "If you're one of
the millions of Americans who lacks adequate life insurance protection, it's
time to stop making excuses and buy life insurance while you still have the
chance."
The first step in overcoming an excuse is to acknowledge that you are
making excuses. With that in mind, the LIFE Foundation offers these insights
about the three most common excuses people give for not purchasing life
insurance coverage they say they need:
-- #1 Excuse: Life insurance is too expensive -- "Whenever people say that
life insurance is too expensive, it begs the question, 'Compared to what?'"
says Feldman. "We recognize that times are tough, but lots of people are still
buying flat screen TVs and going out to dinner several times a month.
Americans need to realize that life insurance is a necessity, not a luxury.
The other thing to understand is that life insurance has never been more
affordable. The cost for basic term life insurance has fallen by about 50
percent over the past ten years. A healthy 35-year-old can buy a 20-year,
$500,000 policy for about a dollar a day. There are policies to fit every
budget, so don't use cost as an excuse to not buy insurance you know you
need."
-- #2 Excuse: I just haven't gotten around to it -- "You can probably deal
with the consequences of procrastinating on things like re-painting your
bedroom," says Feldman. "Your spouse may give you some grief about it, but you
can probably weather that storm. But are you comfortable living your life
knowing that if you died tomorrow your loved ones would find themselves in
dire financial straits? Don't play Russian roulette with your family's
financial future. If you need life insurance, buy it today. Tomorrow may be
too late."
-- #3 Excuse: I don't know enough about it -- "Life insurance can be
confusing, but there are lots of resources to help consumers navigate the
process of finding the right policy for their specific needs," says Feldman.
"The LIFE Foundation's website at www.lifehappens.org is a great source of
unbiased information about life insurance and includes interactive resources
to help people get a sense of how much and what kind of life insurance might
be right for them. Better yet, consumers should consult with a qualified
insurance professional in their community or their HR administrator at work.
There's no substitute for expert advice."
Need more encouragement? If straight talk is not enough to help you get
past excuses you may be making, check out LIFE's new Web-video at
www.lifehappens.org for a humorous look at one man's conversation with his
conscience. If the conversation sounds familiar, it probably means that you
are overdue for a life insurance check-up.
Survey Methodology
The LIFE Survey was conducted by Kelton Research between August 12-18,
2008. The survey polled a nationally representative sample of 1,007 Americans,
ages 18 and older, using an online questionnaire. The survey has a margin of
error of +/- 3.1 percent.
About Life Insurance Awareness Month
Life Insurance Awareness Month was created by the LIFE Foundation in
response to growing concern about the large number of Americans who lack
adequate life insurance protection. According to LIMRA International, a
leading industry research firm, 68 million adult Americans have no life
insurance. Those who own life insurance have an average of four times their
annual income in coverage, which is considerably less than most experts
recommend. Held each September, Life Insurance Awareness Month is an
industry-wide, national effort involving more than 100 leading companies and
tens of thousands of agents.
About LIFE
The Life and Health Insurance Foundation for Education (LIFE) was founded
in 1994 in response to the public's growing need for information and education
on life, health, disability and long-term care insurance. LIFE also seeks to
remind people of the important role insurance professionals perform in helping
families, businesses and individuals find the insurance products that best fit
their needs. To learn more about these topics, please visit
www.lifehappens.org.

Press Contact:
Katharine Carver
212-445-8210
Tai Green
212-445-8239

SOURCE Life and Health Insurance Foundation for Education (LIFE)

Katharine Carver, +1-212-445-8210, or Tai Green, +1-212-445-8239, both for
Life and Health Insurance Foundation for Education (LIFE)